Edel Finance-linked Wallets Reportedly ‘snipe’ 30% Of Token Supply:...
Bubblemaps shared blockchain data indicating that team-related wallets had purchased 30% of the token supply, but Edel’s co-founder said the acquisition was part of its token rollout plans.
Concerns are mounting over unusual activity surrounding the token launch of Edel Finance, a lending protocol focused on tokenized stocks and real-world assets (RWAs).
Blockchain analytics platform Bubblemaps claimed in a Tuesday X post that a cluster of approximately 160 wallets accumulated around 30% of the EDEL token supply, worth approximately $11 million, during the launch earlier this month. The platform alleged the wallets were linked and funded in a coordinated fashion immediately before trading opened.
“Edel Finance sniped 30% of $EDEL. Then tried to hide it behind a maze of wallets and liquidity positions," said Bubblemaps. “Just hours before $EDEL launched, ~60 wallets were funded from Binance [...] Together, they got 30% of the supply – now worth $11M.”
In crypto slang, sniping refers to employing crypto trading bots to automatically purchase new token supply as soon as the tokens become publicly available. Snipers aim to get in before the general public to buy at lower prices.
The wallets were all funded with Ether (ETH) around the same time, which was sent through a “layer of fresh wallets” before buying up the token supply through the final wallet layer, Bubblemaps claimed.
Each wallet received 50% of the EDEL they sniped, while the remaining 50% was dispersed among approximately 100 secondary wallets, all of which were reportedly funded through the MEXC exchange.
“The list of all 100 secondary wallets is included directly in the token contract creation code,” creating a “clear link between the team and the snipers,” Bubblemaps said.
Cointelegraph was unable to independently verify the wallet cluster that acquired 30% of the token supply.
EDEL, which launched Nov. 12, has a market capitalization of about $14.9 million but has fallen 62% over the past week, according to CoinMarketCap.
Source: CoinTelegraph
